5. LONG-TERM DEBT

At December 31, 2014 and 2013, the balance of long-term debt outstanding was as follows (in thousands):

	2014			2013
First mortgage bonds (EDE):
7.20% Series due 2016	$	25,000		$	25,000
6.375% Series due 2018(1)		90,000			90,000
4.65% Series due 2020(1)		100,000			100,000
3.58% Series due 2027(1)		88,000			88,000
3.73% Series due 2033(1)		30,000			30,000
5.875% Series due 2037(1)		80,000			80,000
5.20% Series due 2040(1)		50,000			50,000
4.32% Series due 2043(1)		120,000			120,000
4.27% Series due 2044(1)		60,000			—
First mortgage bonds (EDG):
6.82% Series due 2036(1)		55,000			55,000

		698,000			638,000
Senior Notes, 6.70% Series due 2033(1)		62,000			62,000
Senior Notes, 5.80% Series due 2035(1)		40,000			40,000
Other		4,167			4,441
Less unamortized net discount		(686	)		(739	)

		803,481			743,702
Less current obligations under capital lease		(292	)		(274	)

TOTAL LONG-TERM DEBT	$	803,189		$	743,428

(1)	We may redeem some or all of the notes at any time at 100% of their principal amount, plus a make-whole premium, plus accrued and unpaid interest to the redemption date.

Debt Financing Activities

On October 15, 2014, we entered into a Bond Purchase Agreement for a private placement of $60.0 million of 4.27% First Mortgage Bonds due December 1, 2044. A delayed settlement occurred on December 1, 2014. Interest is payable semi-annually on the bonds on each December 1 and June 1, commencing June 1, 2015. The bonds may be redeemed at our option, at any time prior to maturity, at par plus a make whole premium, together with accrued and unpaid interest, if any, to the redemption date. The proceeds from the sale of the bonds were used to refinance existing short-term indebtedness and for general corporate purposes. The bonds have not been, and will not be, registered under the Securities Act of 1933, as amended. The bonds were issued under the EDE Mortgage.

On October 30, 2012, we entered into a Bond Purchase Agreement for a private placement of $30.0 million of 3.73% First Mortgage Bonds due 2033 and $120.0 million of 4.32% First Mortgage Bonds due 2043. The delayed settlement occurred on May 30, 2013. The interest is payable semi-annually on the bonds on each May 30 and November 30, commencing November 30, 2013. The bonds may be redeemed at our option, at any time prior to maturity, at par plus a make whole premium, together with accrued and unpaid interest, if any, to the redemption date. A portion of the proceeds were used to redeem all $98.0 million aggregate principal amount of our Senior Notes, 4.50% Series due June 15, 2013. The remaining proceeds were used for general corporate purposes. The bonds have not been registered under the Securities Act of 1933, as amended. The bonds were issued under the EDE Mortgage.

Shelf Registration

We have a $200 million shelf registration statement with the SEC that is effective for three years from December 13, 2013. See Note 4.

EDE Mortgage Indenture

Substantially all of the property, plant and equipment of The Empire District Electric Company (but not its subsidiaries) are subject to the lien of the EDE Mortgage. Restrictions in the EDE mortgage bond indenture could affect our liquidity. The principal amount of all series of first mortgage bonds outstanding at any one time under the EDE Mortgage is limited by terms of the mortgage to $1 billion. Based on this limit and our current level of outstanding first mortgage bonds, we are limited to the issuance of $357 million of new first mortgage bonds. The EDE Mortgage contains a requirement that for new first mortgage bonds to be issued, our net earnings (as defined in the EDE Mortgage) for any twelve consecutive months within the fifteen months preceding issuance must be two times the annual interest requirements (as defined in the EDE Mortgage) on all first mortgage bonds then outstanding and on the prospective issue of new first mortgage bonds. Our earnings for the year ended December 31, 2014 would permit us to issue approximately $615.9 million of new first mortgage bonds based on this test with an assumed interest rate of 5.5%. In addition to the interest coverage requirement, the EDE Mortgage provides that new bonds must be issued against, among other things, retired bonds or 60% of net property additions. At December 31, 2014, we had retired bonds and net property additions which would enable the issuance of at least $952.5 million principal amount of bonds if the annual interest requirements are met. As of December 31, 2014, we are in compliance with all restrictive covenants of the EDE Mortgage.

EDG Mortgage Indenture

The principal amount of all series of first mortgage bonds outstanding at any one time under the EDG Mortgage is limited by terms of the mortgage to $300 million. Substantially all of the property, plant and equipment of The Empire District Gas Company are subject to the lien of the EDG Mortgage. The EDG Mortgage contains a requirement that for new first mortgage bonds to be issued, the amount of such new first mortgage bonds shall not exceed 75% of the cost of property additions acquired after the date of the Missouri Gas acquisition. The mortgage also contains a limitation on the issuance by EDG of debt (including first mortgage bonds, but excluding short-term debt incurred in the ordinary course under working capital facilities) unless, after giving effect to such issuance, EDG's ratio of EBITDA (defined as net income plus interest, taxes, depreciation, amortization and certain other non-cash charges) to interest charges for the most recent four fiscal quarters is at least 2 to 1. As of December 31, 2014, this test would allow us to issue approximately $19.7 million principal amount of new first mortgage bonds at an assumed interest rate of 5.5%.

Our long-term debt obligations over the next five years are as follows (in thousands):

	Payments Due By Period
Long-Term Debt Payout Schedule (Excluding Unamortized Discount (in thousands)	Total		Regulated Entity Debt Obligations		Capital Lease Obligations
2015	$	292	$	—	$	292
2016		25,308		25,000		308
2017		325		—		325
2018		90,347		90,000		347
2019		371		—		371
Thereafter		687,524		685,000		2,524

Total long-term debt obligations		804,167	$	800,000	$	4,167


Less current obligations and unamortized discount		978

TOTAL LONG-TERM DEBT	$	803,189